Pensions flexibilities, the impact on DB schemes

Defined benefit pension schemes with future service benefits have been largely forgotten by the DWP and the Pensions Regulator, but future service costs can cause even more problems (for those employers that do wish to provide them) than the well-publicised past-service deficits.

A few high profile schemes, such as Royal Mail, have started to ask for legislative changes to allow “Collective DC” (or CDC) schemes to be used in the UK. Barnett Waddingham Partner, Paul Hamilton looks at how DB future accrual works (or doesn’t work) in the UK, and is joined by Rajish Sagoenie, Managing Director of Milliman Pensioenen in The Netherlands to talk through his experiences of working with CDC schemes there.

Are bulk annuities a potential option for your scheme? It could be the right time to consider a transaction. Buy-ins can play an important role in any de-risking journey – offering an effective way of removing both financial and demographic risks.

The approaching tax year end is the time when most people examine their personal and company finances.
To help professional advisers be ready for client questions at a time when every minute counts and travelling time is unwelcome – we’re hosting a live webinar with a strong technical focus in February.
Join us live to watch and ask questions, or catch up when you can to keep in perfect technical tune.

There is no getting away from it - actuarial reports are a fact of life and are here to stay.

Important and material information can easily get lost in long technical and “boring” reports. This makes it difficult for report users such as committees and boards to identify the key issues, and increases the risk of suboptimal decision-making.

It is unlikely that any actuarial report will ever win the Man Booker prize, however, there are many things you can do to make the writing process easier and make the report less dreaded by its users.

This webinar will cover how to improve the writing process of reports and make long, technical and “boring” reports a thing of the past.

Join our webinar where we will discuss current issues in financial reporting for pension schemes, under IAS19 and FRS102, and the flexibility in assumption setting – which can drastically reduce deficits.

As mentioned in recent news articles, Tesco reduced their balance sheet deficit by nearly £3bn. We will explore this and help you understand what reasonable changes you can make under the standards - reducing your pension balance sheet.

We’ll take you on a journey in understanding year-end market conditions and why you should reconsider your year-end methodology.

In this webinar we will demonstrate how easy it is to create Key Information Documents (KIDs) for Packaged Retail and Insurance-Based Investment Products (PRIIPs), in line with the new regulations coming into force on 1 January 2018, using Barnett Waddingham’s KIDs for PRIIPs tool. Throughout the demonstration, we will discuss the key inputs and decisions required to ensure compliance.

The Pension Protection Fund (PPF) released a consultation on 27 September 2017, setting out draft rules for the PPF levy and significant changes on the way this will be calculated. The changes are designed to improve the fairness of the levy, but will inevitably lead to winners and losers and for some schemes, the change in levy will be very significant.

We’ll be looking at the impact of the PPF’s proposals and what actions trustees and employers can take to reduce their levy.

A short round-up of topical matters regarding pensions; particularly given the political and economic backdrop arising from the General Election result, and the start of the Brexit negotiations.

In this webinar we will demonstrate how easy it is to create Key Information Documents (KIDs) for Packaged Retail and Insurance-Based Investment Products (PRIIPs), in line with the new regulations coming into force on 1 January 2018, using Barnett Waddingham’s KIDs for PRIIPs tool. Throughout the demonstration, we will discuss the key inputs and decisions required to ensure compliance.

With Defined Benefit (DB) schemes in the Higher Education sector seeing a steady increase in costs, many institutions are now considering whether to move a proportion of their staff onto a DC scheme. DC schemes can introduce a lot of freedom and flexibility for staff members which can be very valuable, however setting up a DC scheme can also be a complicated exercise and may initially create concerns for those staff members being moved. Therefore the key to a successful DC launch is getting the right provider, the right level of benefits and ensuring that you are engaging with staff in a way that helps them to see the potential. During this 45 minute webinar we hope to give you an understanding of the key issues when thinking about setting up a DC scheme.

Do you have the right tools to help with understanding longevity risk in your pension scheme?

And how informed do you feel about the latest developments in the fast-moving area of longevity research?

As UK pension schemes mature, longevity risk is increasingly becoming the main area of exposure, but remains an area where many trustees are unsure of the level of risk exposure in their pension scheme.

Our webinar focuses on practical tools for understanding the longevity risk exposure inherent in the business as usual operations of individual pension schemes. It also highlights some of the latest research and hot topics in longevity, that are relevant to pension scheme stakeholders with an interest in improving their understanding of longevity risk.

Is your scheme exposed to longevity risk? We will explain innovative ways of assessing and removing risk that are even achievable for small and mid-sized pension schemes.

Join our interactive webinar hosted by Self-Invested Technical Specialist, James Jones-Tinsley to hear about hot topics and current issues, from pensions tax relief and the tapering of the Annual Allowance, to pensions freedoms and death benefits.

Transferring administration services to a new provider can be a challenging process, but an efficient and seamless transfer can be achieved through approaching the project with transparency, cooperation and accountability.

Chris Tagg, will walk you through the transfer process, looking at best practice, roles that various parties play and the expectations that trustees should have, as well as the common traps to avoid.

As one of only two third-party administrators in the UK to have achieved PASA Accreditation, maintaining the ‘gold standard for high quality pension administration’ has never been more important but where does PASA fit in with both the old and new administrators? Chris examines their significance in a broader context alongside Barnett Waddingham’s approach to implementations.

Are you aware of the challenges surrounding pension transfers? During this webinar, our Administration Manager, Ben Clacker, will guide you through the key issues to look out for – and how to avoid them.

The introduction of Freedom and Choice brought about an increased frequency of pension transfer requests. In addition, developments such as HMRC’s change to their QROPS listing, and the rise of pension scams, have impacted administrative due diligence requirements.

Reflecting on high profile news stories, case studies and current developments, Ben will demonstrate how administration teams can act as the first line of defense and effectively mitigate the risk of transfers, protecting member’s benefits by implementing a comprehensive quality control frame work, practicing due diligence, and engaging with trustees.

Ben will guide you through:

•The impact scams can have on members’ benefits
•Insight into the administrative challenges of pensions transfers
•Examples of tactics scammers may use to defraud members’ benefits
•The importance of quality administration when it comes to pensions transfers

Our interactive webinar on Tuesday 21 February will offer a clear explanation of the important changes to pensions taxation – helping you to provide the right support your staff.

Our Senior Pensions Consultant, Graham Cooper, and our Head of Higher Education, Paul Hamilton, will guide you through the potential on pension savings in final salary pension schemes such as the Universities’ Superannuation Scheme, the Teachers’ Pension Scheme and the Local Government Pension Scheme.

Key topics of discussion will include:

•Tapered Annual Allowance, Lifetime Allowance and the new forms of Lifetime Allowance protections
•The pitfalls arising from the Tapered Annual Allowance
•Important actions to take, and when
•How to avoid sleepwalking into paying large pension tax bills
•How we can assist with retirement planning

Our experts will also be on hand to answer your crucial questions at the end of the webinar.

Since 31 December 2015 the liability value of a typical pension scheme has increased by 25%. This increase can have real consequences; as Carclo found out in October, when it was unable to pay an interim dividend.

Join Adam Poulson, as he guides you through the simple steps you can take to mitigate this issue.

In December 2015 The Pensions Regulator released its guidance for trustees on IRM, focusing on the interaction of the funding, investment and covenant risks in a scheme when making decisions.
But what benefit does IRM have for trustees and employers and how should they apply it in practice?

The actuarial valuation is due next year, but what challenges should defined benefit (DB) pension schemes expect to face in the current low-yield environment, particularly in the context of the USS?

While The Pensions Regulator (and newspaper headlines) remains focussed on the increase in deficits, the cost of future accrual is often the biggest issue for schemes where members can still earn benefits.

During this webinar our experts, Paul Hamilton (Partner and Head of Higher Education) and Matt Tickle (Partner, Investment Consulting) will explore:

•the impact of market movements since the EU referendum on the funding level of the USS, and what this could mean for the 2017 valuation;

•the pros and cons of expressing deficit contributions as a five of salaries (as is the current approach in the USS);

•how market conditions make the situation difficult for DB schemes that are open for benefit accrual; and

•the options available for pension schemes in this extremely low-yield environment.